Over 80% of Singaporeans are now using mobile banking services
Singapore. The Bank of the Future Survey of Capco found that about 81% of Singaporeans are now using mobile apps for banking services, and 77% of them “definitely’ are looking for a better experience.
Moreover, Singaporeans respondents ranked the top three improvements they wanted with mobile banking: about 59% for easy and clear navigation, 51% for mobile applications and 46% for face ID and fingerprint logins.
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According to the survey, 80% of Singaporean respondents trust a “Big Tech” company to provide financial services at least as much as they trust a bank – with 42% saying they trust a “Big Tech” firm more than a bank.
“Our survey suggests the burgeoning digital banking landscape is seeing a shift in trust patterns among consumers. Our Singapore respondents’ willingness to view Big Tech firms as attractive future providers of banking services indicates that the competitive landscape could develop in some intriguing directions as Singapore’s financial sector continues to evolve, ” Hayley Haupt, Capco Partner and APAC head of strategy and consulting said.
“We also identified a strong appetite for innovation in banking services among Singapore’s consumers. When it comes to more individually tailored customer offerings and experiences, they are focused on greater personalization, in line with our findings in other regional markets. There is clearly a demand for a more aggregated view of financial information. To enhance customers’ digital journeys, banks should continue to explore how they can best educate consumers and provide clear insights around products and services,” Haupt added.
Moreover, the survey found that more than half of customers are either prepared to consider it or are delighted to contribute data to enable personalisation. The sorts of data that consumers are eager to contribute are rather well distributed, with location services (38%), life events, wearables, and health tests all scoring 37%. Customers’ excitement wanes when it comes to social media (31%) and data from other bank accounts (22%).
Furthermore, 23% of Singaporean respondents said the sustainability credentials of their banking services are “extremely important”. Also, one in five (21%) respondents said that it would be “very interesting” if their bank has the option to trade cryptocurrencies, with about 53% expressing some curiosity.
For its Bank of the Future Survey, about 1,000 Singaporeans responded to the survey in order to gauge their banking services.
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